Choose any bold font. Type the word you want to create the effect on. create a layer below this “type” layer. Select the word you typed by “ctrl+click” on the typed layer thumb. (save the selection, as yo may need it later as well). Now select the new layer you created below the “type” layer. move it 1 px down and 1 px right. fill it with black, repeat this a few times, depending on the shadow length you desire. Give motion blur to this layer, in the direction you wish the shadow should fall. you can erase the undesirable portion of the shadow you have created.

On the “type” layer, apply “Gradient Overlay”. I chose the colors “#d7dade” to “#8ca0bf” for my font and applied a linear gradient.

Now create another layer on top of the “type” layer. Reselect the word by loading the saved selection. Alternatively you can again “ctrl+click” on the “type” layer thum to select this area. Now select the new layer on the top and fill this section with white color. Move the selection 1px right and 1px down, now press delete. You will get a nice white edge on top of your “type”.

The background was done by applying “Clouds” filter under “Render”. keeping white and grey as beckground and foreground colors. Then on this layer I applied “color halftone” filter under “Pixelate”. And then reducing the opacity to 25. There is another grey layer beneath this layer.